'If any other reason could be offered in attempting to differentiate' the two types of products 'we are confident that it would have surfaced by now.' 'We hope you will agree that the best use of resources now is for the to issue an order approving' the product, Hall wrote, arguing the approval of a futures bitcoin ETF with a market surveillance arrangement via the Chicago Mercantile Exchange should be sufficient for a spot bitcoin ETF. 'Now that the Court of Appeals has spoken, there is no available rationale that would distinguish a bitcoin futures from a spot bitcoin ETP under the legal analysis previously adopted by the Commission in rejecting spot bitcoin ETPs,' Joseph Hall, a lawyer at Davis Polk representing Grayscale, said in a letter filed with the regulator. The odds of a spot bitcoin ETF approval by the end of 2023 were raised from 65% to 75% by Bloomberg Intelligence analysts in the aftermath of Grayscale's victory.Ġ9/06 update: Grayscale has called on the SEC to approve the proposed conversion of its bitcoin trust to a fully-fledged spot bitcoin ETF following its legal victory. Spot bitcoin ETF hype had built among traders ahead last week's decisions following crypto asset manager Greyscale's legal victory over the SEC in which a court ruled some of the regulator's arguments in rejecting spot bitcoin ETF applications seemed ' arbitrary and capricious,' forcing the SEC to reexamine Greyscales proposal to convert its flagship GBTC fund to a fully-fledged spot bitcoin ETF. Last week, the SEC said it needs more time to decide on the recent flurry of spot bitcoin ETF applications, pushing back decisions on filings from BlackRock BLK, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets at least mid-October. The SEC approved a bitcoin futures ETF in 2021, with the bitcoin, ethereum, XRP and crypto market peaking at just over $3 trillion when the first fund launched. 'The dichotomy between a futures product and cash product can't go on forever.' So I think an approval is inevitable,' Clayton told CNBC. It is clear that bitcoin is something that retail investors want access to, institutional investors want access to, and, importantly, some of our most trusted providers who are fiduciaries or have duties of best interest want to provide this product to the retail public. 'It is clear that bitcoin is not a security. exchange-traded fund (ETF) for months, playing havoc with the price of ethereum, XRP and other major cryptocurrencies.

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